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Satoshi Versus ‘Infrastructure Bill –

When Satoshi Nakamoto released the Bitcoin white paper in October 2008, it likely wasn’t with the idea that governments and central banks needed to recognize, adopt, and regulate Bitcoin for everyone’s benefit. Contrary to popular belief, the Bitcoin white paper and the message in the genesis block can’t be taken away from the idea that central banks and governments need to recognize, adopt, and regulate bitcoin for everyone’s benefit.

Separating Money From the Church of Politics

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

Bitcoin white paper

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”

-Bitcoin genesis block’s coinbase parameter message

In the same way that it would be absurd to force Catholic Church beliefs upon others through a government, so it is absurd to think that strangers in this collective abstraction called the “state” should have the ability to decide how we spend our money or interfere with our financial lives.

Imagine a neighbor demanding that you show your wallet daily to them. If the amount exceeds a certain amount you must pay them a percentage. Imagine that there is a neighbor who doesn’t like you, and that you can’t transact with them. For example, lending five dollars to a friend could be considered a violation of the rules and can lead to horrendous, violent consequences. You will be punished for breaking these rules, in terms of your time, money, and health. All of this can be explained by the fact that your neighbor is trying to protect you against bad actors.

Infrastructure Bill Shows Regulators Continue Sapping Bitcoin of Its Utility

This past week many in the crypto community have been in a tizzy over the new $1.2 trillion infrastructure bill that was just approved by the U.S. senate. Individual crypto asset owners, miners, app developers, miners and other major players in the crypto industry have all expressed concern at the vague definition of what constitutes a “crypto broker” and said that innovation will soon flee the U.S.’s draconian policies for more friendly and open-minded countries.

Technically, the verbiage of the massive 2,702-page bill could even classify someone who merely facilitates trades of crypto and fiat for a friend regularly as a “broker” responsible for reporting to the IRS. We all know what happens when you get in trouble with your weird neighbors. They’ll show no mercy, and even eat their own. This is not to mention the fact that most of the parties would find it virtually impossible to report on the invasive procedures.

Satoshi Versus the 'Infrastructure Bill' — Political Permission Not Required
H.R. 3684 updates the 1986 Internal Revenue Service tax code to expand the definition of “broker.”

The strangers who live down the street from the big edifices of Washington, D.C. are more important than the neighbor with the crazy idea. Most people believe that the strangers who work in government edifices around the world are special. They are exempted from the common morality, justice and respect we expect of our neighbors. They are gods and have the right to decide how money is spent. Without or with your consent.

A tragedy is that many crypto enthusiasts will allow strangers in D.C. to determine their financial futures. They even beg them for mercy regarding their personal finances.

Perhaps this isn’t the right place to go into the “but it’s just how it works, that’s how society is set-up” objections. This article would be far too long. Suffice to say, there are ultimately two roads we can go down regarding crypto: live and let live via voluntary consent, or violent force against peaceful people. This is the lazy, pragmatic path. However, this pragmatic approach has caused a lot of heartbreaks and tragedy. That’s probably the most understated statement in recorded history.

Satoshi Versus the 'Infrastructure Bill' — Political Permission Not Required
With all the regulatory concern about Bitcoin’s energy consumption, one is led to wonder what the carbon footprint of 20+ years of sustained U.S. bombing in the Middle East adds up to. Image: ART production

The Scapegoating of Bitcoin: Climate Change, Terror, and Money Laundering

With this new U.S. infrastructure bill (now moved to the House of Representatives which is on recess until September 20), the EU’s plans to track all bitcoin transactions and ban anonymous wallets, the massive momentum CBDCs are gaining worldwide as countries responsible for 90% of the world’s GDP research and trial them — it is clear we are on the cusp of something unprecedented. Even the sacred realm of decentralized finance (defi) is no longer safe, with U.S. Securities and Exchange Commission Chairman Gary Gensler recently calling for more authority to regulate defi.

Contrary Satoshi’s vision of peer-to-peer electronic money without the need of a financial institution and in accordance with his vision, the picture is becoming one instead of centralized, coercive, control over private finance. Privacy and autonomy in money, in other words, are being made out as relics to be traded in for antiquated ideas of kings ruling peasants, disguised as modern and sensible “regulation.”

If crypto’s excessive regulations are meant to include the financially excluded and give them access to financial tools, it stands to wonder why debilitating limitations and KYC requirements must be centrally forced upon them, when these matters of security could be handled locally.

In lockstep with the discrepancy-ridden narrative about a deadly disease, we see a new strain of virus grow ever more powerful: an unapologetic strain of economic surveillance and the invasive copping and destruction of innovative financial technologies for people everywhere who are in dire need of economic freedom. This is supposedly because Bitcoin is dangerous for the environment and criminals use it. In psychology, this is what is called “projection.”

But there are cold hard facts:

  • Terror and destruction of the earth are the specialty of the state, not internet money.
  • Destruction of economies and livelihoods is the specialty of the state. Permissionless internet money is saving people from government folly.
  • Statistically, almost all financial crimes are still conducted in fiat currencies. It is not a contest. Reports for 2020 show that crimes in fiat were estimated to account for $1.4 trillion dollars. The same estimates put crypto crime at about $10.5 billion.
  • Slavery and stealing are wrong, no matter what form they take, or how stylish they are made out to be.

I will get to the slavery section at the end. It is clear that, although politicians give democracy endless lip service, the people who are supposed to be representatives of government are becoming increasingly voiceless. While some may be well-intentioned, we should politely ask our dangerous neighbors in D.C. for help. No amount of pleading can make a difference if the channels for change are corrupted. Luckily, crypto doesn’t require political permission.

We need an unanimous vote on the NEW compromise crypto provision. Get in touch with your senator immediately.

Request them to support the Toomey–Lummis–Warner compromise crypto amend, in order to ensure that we don’t significantly expand financial surveillance and harm innovation.

517-200-9518

It takes 30 secs. pic.twitter.com/23tUIh2LP2

— Naomi Brockwell (@naomibrockwell) August 9, 2021

How To Experience Crypto Freedom Now

In three words: Just use it.

Pay for things. Tipp your friends. It can be invested. It should be kept in non-custodial pockets. It can be purchased from individuals face-to-face and online. It can be concealed from corrupt and privacy-invasive governments and institutions. They are ignored. You can build a highly successful start-up. Or, do nothing at all. You can do everything in accordance with legacy finance models, or any other options. I do not care. However, I won’t try to force you to do things my way. This is the game of government.

There is a serious risk of doing peaceful and completely moral things in the current paradigm. This speaks volumes about the current state of the world. It may not be wise for everyone to rush headfirst into the IRS offices shouting that they will never pay them again. However, crypto’s utility has been lost without permissionless, direct economic action.

“Just use your credit card, bro.” Yes, it has lost its utility. But I’m going .”

rich

“I just passed my KYC bro. Now I can use my Visa card to pay for things with crypto as soon as my Paypal crypto account is unfrozen so I can top up the card.”

Yes, you will be rich in a dystopian, closed-down world. Maybe you can spend your fortune on something to help improve your social credit score so you’ll have a chance at flying out of the country for a vacation next year.

Money is a tool that helps us live our lives to the fullest. Without economic freedom, it is impossible to enjoy life’s ups or downs, love, adventure, and fun. The majority of people in cryptocurrency today seem to not understand what freedom is. The philosophical battle is worthwhile for those who do understand, even though it may end up costing us dearly. It may seem paradoxical at first glance, but it is not. Although the battle is over, the war is still on. It’s clear that the idea is already in place, and that’s what’s most important.

“Number Go Up” is therefore very exciting because it gives you greater access to opportunities, tools, and leverage to make the world happier and more free.

To say that these goals — maximum peace, economic freedom and non-violation by the non-violent — would be impossible to achieve because the current system is no longer viable or practical, it’s “utopian” to say they are unworkable. This is like saying that farming depends on slave labor and cannot be changed. This is a lazy excuse. Satoshi Nakamoto was a force for change and helped finance become a more free place. If money can evolve in such a way, so can societies across the globe.

Personally, it doesn’t matter if I win or lose during my life. I’m happy because the idea is here, because I can fight for it, and because I can use crypto however I damn well please, right here, and right now. This is all about human dignity to me. I hope my son’s generation, and all generations after him, will be able to laugh at the absurdity of this whole mess. Let’s get rid of the violence and religion of politics in favor of a free economy.

What are your thoughts on the new U.S. infrastructure bill as it relates to Satoshi Nakamoto’s white paper? Please leave your comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, ART production

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Bitcoin Mining Difficulty Drops to 4.33%, Largest Reduction in 10 months

Bitcoin Mining Difficulty Drops 4.33%, Biggest Reduction in 10 Months

It’s now 4. 33% easier to mine bitcoin over the next two weeks as the difficulty adjustment algorithm (DAA) dropped from 31. 25 trillion to today’s 29. 85 trillion. It’s the largest DAA drop since July 17, 2021, when the difficulty dropped 4. 81% at block height 691,488.

Bitcoin Mining Difficulty Drops 4. 33% — The Largest Drop Since July 2021

  • Mining bitcoin is a lot less difficult than it was before May 25, 2022, as Bitcoin’s difficulty adjustment algorithm (DAA) saw a 4. 33% reduction in difficulty.
  • Prior to the drop, Bitcoin’s difficulty was approximately 31. 25 trillion and today, it’s approximately 29. 85 trillion after the largest drop since July 2021. The DAA change occurred at block height 737,856 on Wednesday.

Bitcoin Mining Difficulty Drops 4.33%, Biggest Reduction in 10 Months

  • Bitcoin’s USD value has been lower in recent times, so a downward difficulty adjustment helps miners recoup some of the losses by making it 4. 33% easier to find bitcoin block rewards. Currently, a Bitmain Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) in hashpower can get an estimated $9. 24 per day in BTC profits.
  • Bitcoin’s global hashrate has been consistent and above the 200 exahash per second (EH/s) region for quite some time now. On May 2, 2022, Bitcoin’s hashrate tapped an all-time high at 275 EH/s at block height 734,577.
  • Right now, there are 1,864 bitcoin (BTC) blocks left to be found until the next DAA change on June 8, 2022, and 101,992 blocks left until the next reward halving. There will be roughly 51 consecutive DAA changes every two weeks before the block reward halving occurs.
  • Bitcoin’s current difficulty, the USD value, and a cost of $0. 12 per kilowatt-hour (kWh) makes it so machines that produce 30 terahash per second (TH/s) are not very profitable, unless the miner pays less than $0. 12 per kWh. For example, the Innosilicon T3+ (52 TH/s), gets around $0. 21 per day in BTC profits if electricity costs $0. 12 per kWh.
  • Three-day mining pool statistics indicate that there are 12 known mining pools today dedicating SHA256 hashpower to the BTC chain. Around 1. 44% of the global hashrate is operated by unknown or stealth miners with roughly 3. 04 EH/s of hashpower.
  • Metrics over the past 72 hours show Foundry USA has been the top bitcoin mining pool in terms of global hashrate and blocks found. At the time of writing, Foundry’s hashrate is approximately 24. 28% of Bitcoin’s global hashrate or 51. 10 EH/s. The pool found 101 BTC block rewards out of the 416 blocks found during the past three days.
  • Bitmain’s Antpool managed to find 61 blocks out of the 416 found in three days, making it the second largest pool in terms of computational power. Antpool’s 30. 86 EH/s of hashrate equates to 14. 66% of the global aggregate.
  • With BTC‘s difficulty running at 29,850,529,410,160 estimates currently show another reduction is in the cards, but 13 days can change the estimation a great deal. The DAA has a reduction of 0. 16% lower.

What do you think about the downward difficulty change on May 25 at block height 737,856 on Wednesday? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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LimeWire signs major deal with Universal Music Group to provide music-based NFTs

LimeWire, the new NFTs marketplace that sprung from the discontinued popular music app of the early 2000s, has scored a huge deal with Universal Music Group (UMG). LimeWire’s continued rise into the spotlight is due to the partnership with UMG. UMG is a global leader in entertainment and music. Per a press announcement released on…

LimeWire, the new NFTs marketplace that sprung from the discontinued popular music app of the early 2000s, has scored a huge deal with Universal Music Group (UMG).

LimeWire’s continued rise into the spotlight is due to the partnership with UMG. UMG is a global leader in entertainment and music.

Per a press announcement released on Tuesday, the deal with Universal Music allows the firm to offer its digital collectibles marketplace to several iconic record labels and revered artists.

UMG to license artists to LimeWire’s NFT marketplace

Labels could tap into LimeWire NFT Marketplace to increase fan engagement through digital music NFTs. These include Virgin Music, Virgin Music and Republic Records.

Paul, LimeWire coCEOs, commented on the collaboration. Julian Zehetmayr and Paul, LimeWire coCEOs, stated that the partnership was “true evidence of the speed at which the music business embraces Web3”.

We’re thrilled to open up the LimeWire NFT ecosystem to Universal Music Group artists and fans and can’t wait to see the first creative projects being launched on the marketplace,” they added.

Important milestone reached! We’re thrilled to announce our partnership with Universal Music Group @UMG, opening up opportunities for music NFTs to all artists signed to Universal and UMG labels.

Read more here https://t.co/VHolELPC1e pic.twitter.com/JfE3IfMEQ0

— LimeWire (@limewire) May 17, 2022

The partnership will enable the marketplace to access the licenses it needs to partner artists signed up by UMG. The collaboration will translate to original music-based NFT project.

The NFT market continues to grow, as major players, including governments, embrace technology that allows the creation and security of digital items on blockchain.

Monetization possibilities make the industry a great fit for artists and other people looking to improve their revenue streams. LimeWire will offer that opportunity to UMG artists.

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Smart Token Labs supports Carla Chan & La Prairie in First NFT drop

Manly, Australia, 17th May, 2022, Chainwire Bringing Art and Beauty Lovers Into Web3 The first NFT art collection by La Prairie, the leading luxury skincare brand in the world, was created with the help of Carla Chan, a world-renowned digital artist. It is more than just the inspiring and innovative art it contains. “Space Beyond”…

Manly, Australia, 17th May, 2022, Chainwire

Bringing Art and Beauty Lovers Into Web3

The first NFT art collection by La Prairie, the leading luxury skincare brand in the world, was created with the help of Carla Chan, a world-renowned digital artist. It is more than just the inspiring and innovative art it contains.

“Space Beyond” by Carla Chan involves 365 + 1 editions of unique, forever-changing artworks generated in real-time with weather and demographic data. Each artwork represents a day in the year of the 31 most populated cities across the globe.

The artwork will be dropped on May 18 at FRIEZE New York and proceeds will benefit the preservation of glaciers around the world.

The drop can be accessed at www.nft.carlachan.com from 11am EDT on May 18.

Smart Token Labs supports Carla Chan, La Prairie and brings the NFT drop to life in order to attract an art buyer audience that isn’t necessarily crypto-native.

“Our TokenScript framework was used to make it simple for people to buy the NFT without having a digital wallet, and then to unlock unique experiences using the La Prairie brand via NFT,” stated Victor Zhang, CEO of Smart Token Labs.

‘ The payment flow allows you to buy the NFT using a credit card. A magic link attestation will be sent to the buyer to prove ownership. The magic link can be used to mint the NFT at a later date via a digital wallet.

NFT holders will have access to exclusive experiences and custom software via TokenScript Brand Connector, which connects the NFT with a La Prairie brand website.

Carla Chan stated : “We are thrilled that holders of Space Beyond NFTs can seamlessly interact with La Prairie brands at locations around the globe via experiences such as events and product reveals. Smart Token Labs has provided world-class technology and support to us in bringing art buyers from all over the globe into our first NFT collection. We are grateful for their help. We couldn’t have been happier with the scope and excitement of this project. Now I’m super excited to launch my collection at Frieze New York and Art Basel Hong Kong. It will certainly bring/attract old collectors into web3 with no hassle “

About Smart Token Labs

Smart Token Labs has set a new standard in tokenized future. Since 2017, it has been building two core bridges to this future: AlphaWallet, a superuser agent for smart tokens and TokenScript, the smart token interface for token composability. TokenScript is a token-centric framework that allows you to build composable smart tokens across all NFTs, PlayFi and DeFi.

About Carla Chan

Carla Chan, a media artist based in Berlin from Hong Kong, is . Her approach to media art is similar to the ever-evolving technology. It challenges conventional perceptions of media interfaces and opens up new possibilities for artistic expressions. Chan’s work has been exhibited at many international venues, including the Hong Kong Museum of Art (HK), ZKM (DE), Art Basel (HK), Frieze New York (US), Today Art Museum (CN), among others. At the Hong Kong Arts Development Awards, she was awarded the Toy Berlin Masters Award in DE and Young Artist Award in Media Arts. Her works are in the Burger Collection (CH/HK), and M+ Museum, (HK )

).

About La Prairie

La Prairie is the leader in luxury skincare, present in 90 countries around the world. Rooted in Switzerland, La Prairie evokes innovation, performance, high-touch service and Swissness — the purity, precision and excellence inherent to the extraordinary land that saw the brand’s inception in 1978.

About La Prairie and Art

La Prairie is intrinsically connected to the world art from its inceptions. It finds inspiration in contemporary aesthetic codes which fuel the House’s creative approach. Paul Niehans, La Prairie’s founder, has been a tireless pursuer of timeless beauty. La Prairie creates new connections with other art worlds in an effort to preserve beauty for all time.

Contacts

Chief Marketing Officer, Brent Annells, Smart Token Labs, [email protected]

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